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dollars in spending cuts president obama agreed to, hundreds of billions in additional cuts, ending the payroll tax break, ending jobless benefits and they get the opportunity to create a new debt ceiling crisis in a few months. that's on the republican side, what the republicans get in their proposal. what do the democrats get in their proposal? they get this. a promise to end undefined tax deductions and loopholes of some kind at some point maybe next year. ta da! a fair and balanced middle ground. >> unfortunately, the speaker's proposal right now is still out of balance. >> yes. balance. here's the amazing part, though. after congressional republicans released their plan yesterday, which gives them everything they want and promises democrats that they might get something undefined that they might want maybe some time in the future. we'll talk about it later. after they put forth that sweet deal, this was the reaction from the beltway's conservative class. this is genius. sadly, this plan leaves conservatives wanting. wanting what exactly? the declaration that mitt romney is actu
. well, 28 days to go until tax cuts expire for most americans if president obama and congress can't cut a deal to keep us from going off the fiscal cliff. the president says the latest republic offer is out of balance because it extends tax cuts on income of above $250,000. g.o.p. leaders claim they can raise revenue without raising rates by closing loopholes and limiting deductions. but the white house says it's about the rates. ed henry is at the white house tonight. the president claims the republic math does not add up. >> that's right, shep. he met with the nation's governors today. he said behind closed doors that there is a lot at stake not just for the national economy but state by state. some of their budgets could take a major hit if, in fact, the nation goes off the so-called fiscal cliff. his spokesman jay carney was even tougher in going after speaker john boehner's latest proposal in saying it simply doesn't add up. >> we don't know who pays. we don't know what we're talking about in terms of actual legislation to increase revenues. it's magic beans and fairy dust. >> the
billion in medicare cuts. wellç you know why he was sayi that? because obama and the affordable care act cut medicare by $700 billion. they did it in a very careful way. they did it in a way to protect beneficiaries and responsible. they faced up. they said medicare does need to be trimmed. we need to do it in a smart way and did this. >> why is it off the table now? >> well, precisely because they did -- took that step. they took that very big step and now everyone -- now the idea's, all right, we took the found cut and starting the experiments now. let's see how they work. there's a very good chance, in fact, we are seeing signs that some of them are starting to save some money. we cut $700 billion. we have these pilot programs going forward. let's watch. we have taken enough out of medicare for now and see how the experiments go. if they work out and if a few of them work out, we'll get bigger shape and in better shape fiscally. >> the line in the sand of the president is not don't touch medicare but the benefits provided but back to what you were saying about the way that republicans
and spending cuts hit, president obama today said he's still optimistic a deal will be done and he's willing to compromise, but negotiations just aren't there yet. >> it's going to require what i talked about in the campaign, which is a balanced, responsible approach to deficit reduction that can help give businesses certainty and make sure the country grows. >> tom: the president rejected the proposal republicans presented him yesterday. it would cut the debt by $2.2 trillion over ten years, but would not raise taxes on america's highest earners, the biggest sticking point. the two sides seem to be allowing themselves room to bargain. the president said today he'd be open to lowering tax rates for high earners later next year as part of a broad tax reform package. and senate republican leader mitch mcconnell did not directly endorse the g.o.p. plan. for now, house speaker boehner put the ball in the president's court, releasing a statement: "the president now has an obligation to respond with a proposal that can pass both chambers of congress." >> susie: we turn tonight to other opinions on
this warning to republicans. amid reports they may accept mr. obama's plan to extend tax cuts for most americans while allowing them to go up for the richest, and start the fight all over again during debt limit talks early next year. >> that is a bad strategy for america. it is a bad strategy for your businesses. and it is not a game that i will play. >> reporter: and brian, tonight, the white house is preparing in case the country does go over that fiscal cliff, budget officials have asked all federal agencies for information that they need in case of possible plans in case of those automatic spending cuts that could go in place in just 27 days. >> peter alexander at the white house for us tonight. thank you. >>> and up next, the loss today of a legend in american music. i put away money. i was 21, so i said, "hmm, i want to retire at 55." and before you know it, i'm 58 years old. time went by very fast. it goes by too, too fast. ♪ but i would do it again in a heartbeat. [ laughs ] ♪ ♪ i took my son fishing every year. we had a great spot, not easy to find, but worth it. but wi
cut tax rates. the opposite of what obama said. they don't believe it. they want a western european style cradle to grave state. they want to make sure that they preserve it and they want to pay for it. the middle class is going to be nailed and they are going to blame republicans and they are going to have to go back to get more money. isn't it mostly true, taxing the rich, and you poll the whole electric. the middle income people believe they are going to be next. middle income say you are not going to get enough money there. they are going to hit me and there is going to be a carbon tax. president obama needs to expand the government. i wish the majority of the middle class saw it that way. more than half the country felt that his left wing agenda was it. it isn't eventually the middle class is going to get nailed. and the spin will be that republicans jacked up the economy so badly. >> i think that is where this is going. i think there could be a tax and maybe it can't get through congress. but i have never seen a time, i have seen polls on this. taxing the rich. they know that.
the people, even with the budget cut that president obama asked for of 400, almost $485 billion in 2011, even with the cuts in the army that that would have involved, the army would have still been roughly 30 or 40,000 troops bigger than it was when i became secretary in december of 2006. because i increased the size of the army by 65,000 in 2007, and then gave them an additional temporary increels of 2000 in 2008, or in 2010, rather, increels of 200,000, so i worry we think the answer is always go to be high tech, because it is cleaner, it is -- it dictates a different kind of war than we fought in iraq and afghanistan and i hope those are the kind of wars, if we have to fight, that that is what we don't have to go through what we went through in iraq and afghanistan, but i remember .. one of my favorite quotes is from general joe still well, from world war two, who basically said how a war starts, it always ends in mud. >> rose: ground forces fighting each other. >> and so you just don't know .. and because you don't know, you need to preserve flexibility. >> rose: you can't occupy with mac
without higher tax rates for the wealthy. >> obama: if we're going to raise revenues that are sufficient to balance with the very tough cuts that we've already made, and the further reforms and entitlements that i'm prepared to make, then we're going to have to say the rates on the top 2% go up, and we're not able to get a deal without it. >> jennifer: and jay carney piled on the g.o.p. plan. >> we don't know who pays. we don't know what we're talking about in terms of actual legislation to increase revenue. it's magic beans and fairy dust. >> jennifer: magic beans and fairy dust. those are fighting words--frilly fairytale fighting words but still fighting words and boehner came back with a few verbal jabs of his own saying, quote, if the president really wants to avoid sending the economy over the fiscal cliff he has done nothing to demonstrate it. but even as the democrats pound him from the left, he is taking punches from the right. the leader of the right's rebellion is, of course, grover norquist. he said the president has installed himself at loyalty, and boehner is not being suffi
agree are more harmful than what obama is proposing by raising the upper two brackets. and then this party that paraded around as the big deficit hawks, the guys that wanted to control spending, the only cuts they put on the table is playing at margins, increasing retirement age from 65 to 67 and adjusting rates for social security. this hasn't presented itself as a party that wants to cut spending. on one hand you have president obama's proposal, which most agree is the responsible way of raising the debt, raising rates. and responsible cuts on entitlements and discretionary spending versus republicans who are divided against something that is a chicken hawk when it comes to the deficits, that is the boehner approach, or the more extremist position which is absolutely nothing.ç so this is an extraordinary position for the republican party to have evolved into. >> you must respond to what julian just said. >> i like julian an awful lot but i think what he said is entirely wrong. it's fascinating president obama last july, july of 2011, said we can get $1.2 trillion i
have to rethink the idea this is obama's idea if we get the huge cut in defense that are unsupportable. >> they are bluffing that they don't care about going over the fiscal cliff. a bluff. it will send economy in a tail spin. >> i don't think so. the president is fine going over the cliff. if you look what he gets and the ability to play hero if the country went over the cliff, the president can remedy two problems that democrats faced for years. he becomes a huge tax cutter. he can restore the defense cut. i think the point that you are making are logical and correct, that is not how it plays out. perception is as much as anything else. you looking at a media eager to blame republicans on this. >> that's why i'm correcting them. >> you are correcting them. >> bret: we have an online show to talk more about this. >> i'm correct them even more. >> bret: you can correct them more in a much more relaxed atmosphere. tune in. next up, look at the front runners for yes, 2016. [ fishing rod casting line, marching band playing ] [ male announcer ] where do you hear that beat?] campbell's heal
and congressional democrats. president obama proposed $4 trillion in deficit reduction, he has a balanced approach to take care of the middle class and that they have the certainty that they need that we make spending cuts that are significant, that make sense, and that we maintain the things that are going to keep us competitive globally like the central funding for education and innovation, and at the same time we also make sure we ask wealthiest americans to pay a little bit more and when it comes to our tax policy that if you work hard and play by the rules in america that everybody has a chance to succeed and that's why you've seen ceos from across the country sign on to that notion, with president obama, saying it's okay if we raise rates a little bit for folks who make more than $250,000 a year. the world is not going to come to an end. there are republican and conservative analysts and thought leaders like bill kristol who have said that. why the republicans in the house who really are still very entrenched with their tea party mentality have not yet understood that, and are still dug in,
immediate action to avoid those automatic tax increases and spending cuts come january. president obama is saying that with the way speaker boehner plan stands now, no deal. >> unfortunately the speaker's proposal is out of balance. we will have to see the rates on the top 2% go up and we are not going to be able to get a deal without it. >> that was an exclusive with bloomberg t.v. and the first televised interview since the president's re-election. as you heard, taxes are the big issue blocking this deal from taking place. president obama is calling for downhill the amount of tax revenue as speaker boehner over the next tens years, most from the nation's top earners. many. republicans say that's not the way to handle this. here is marco rubio. >> it wouldn'ting make a small bent in the debt but it would heard middle class businesses. >> the g.o.p. could be risking a civil war over this issue. it does not look like obama is ready to cave. if that forces republican leaders to compromise staunch conservatives will likely rebel. more "bill press" up after t
player. we will cut through the all the madness tonight and tell you what's really going on. >> the recession meant that there was less money coming in and even more. >> bill: new stats say president obama has borrowed more money than all the other presidents combined. there is no relief in sight. charles krauthammer will tell us where the all money is going. also tonight a mother in louisiana puts a nude picture of her teenage daughter on facebook. is it legal on the case? caution, you where to enter the no spin zone. the factor begins right now. >> bill: hi, i'm bill o'reilly, thanks for watching us tonight. america and personal responsibility. that is the subject of this evening's talking points memo. immediately after belcher killed his girlfriend and shot himself excuses started. trotted out by a variety of pundits. here is the fact. belcher is solely responsible for the horrendous crime which orphaned his baby daughter. he did it he knew right from wrong, he he chose, he chose to inflict lethal damage. there is no question that belcher was mentally imbalanced you don't
network cd obama's favorite issue which is raising taxes 17 times more than spending cuts, and all told, 10 minutes and 18 seconds were devoted to taxes. compared to a whopping 35 seconds of air time on house spending cuts might be a useful tool in actually tackling our debt. not surprisingly, that trend was-mile-an-hou mirrored all across the major networks. here with reaction to that report and obama's parent indifference to the approaching so-called fist colorad fist fisk stein. welcome to hannity. >> great to be with you, sir. >> i'm getting the feeling more and more every day. he wants to humiliate the republicans. >> i this is an opportunity to drive a stake through the republican party. i think his strategy all along, i said this in my book, so it's weird to see it coming true so literally is to establish 25% of gdp as the new baseline for federal spending. he needs everybody's taxes to go up, not just warren's buffett's. he can do that two ways. he can get john boehner to capitulate or he can say the hell with it, let's go off the fiscal cliff and blame the republicans. >> if he
, but the democrats also want to extend some of the tax cuts that were enacted as part of obama's 2009 stimulus plan. that's where you get that bump up for college tuition and extra child credits and that sort of thing. >> we have another graphic i want to throw up. this is pretty much your upper middle class couple, combined yearly income, 940,000 bucks. under the democrats' plan, you see the numbers, taxes going up about $37,000. much less when you see the republican plan numbers, about $17,000. and then if we go off the cliff, this couple gets hammered because their taxes go up close to $50,000. their best deal, laurie montgomery, coming from the republicans. >> right. exactly. because the republicans don't want to raise their rates where as if we go over the cliff, they lose everything. everyone loses everything if we go over the cliff. and the democrats want those folks to lose their income tax rates anyhow so they get a better deal from the republicans because the republicans are saying, no, no, we want to extend the tax cuts for you too. >> laurie montgomery from the washington post, thank yo
with reliable travel times. and it will respond directly, presumably priestly to cut the tolls in half. reading between the lines and the statements, it sounds like the answer is no. >> indeed, it does. >>> another big story, the fiscal cliff debate. and fox 5 learned that president obama and john boehner spoke on the issue today, but the results have not been made public. the white house is asking federal agencies to plan for $100 billion in spending cuts and that is what happened if not resolved. administration believes the deal will be done. john boehner made an offer earlier this week putting $800 billion on new revenue on the table. he got hit hard by the administration and members of his own party. >> we have to cut spending and, i believe, it's super flowous. >> and that is a law, higher rates to go up for the 2072%, including all of you. yes. >> reporter: president obama was speaking to business leaders when he made the comment. he insists he will veto any bill not including tax increases on wealthier americans. >>> the defense department started planning for the roughly $500 billion in
differences. boehner would cut much more. obama's view is we've cut so much from that already we have to be careful how much more we cut. >> when you talk about discretionary spending cuts, a big difference between defense cuts and domestic cuts. does it go after defense spending the way he has? >> he hasn't spelled it out yet. we don't know. r&d, a lot of investment programs we think we need to keep this economy growing. >> can i ask a question? what makes up the difference between the bowles-simpson proposals and the other ones? why is that so much higher? what are they leaving out? >> there were more tax increases. it was light on entitlements. >> okay. >> where did bowles-simpson get the revenue. >> they eliminated a whole slaw and lowering rates and also a tax on gasoline. >> they let the bush tax cuts expire, right? >> initially they did and then were going to do tax reform. >> would they increase the taxes on the rich? >> yeah. >> they would? >> yes. >> to the same extent? >> i would have to do the math. >> don't you do any homework? >> numbers cruncher. dad, thank you so much.
's hostage taking. >> pelosi and other democrat respect pushing for president obama's plan. it would extend the bush tax cut for the middle class but raise taxes on incomes over $250,000 a year. republican senator jim demint calls the idea quote, outlandish. >> republicans should not be conceding that the federal government needs more money negotiating with ourselves and teating the president's proposal like it's serious. >> republican house speaker john boehner has come out against any tax hike and has refused to bring the democratic plan for a vote. >>> the dow fell almost 14 points. nasdaq lost 5 1/2. the s & p fell 2 1/2 points. >>> yahoo is buying another silicon startup. sunnyvale's yahoo acquired on the air today. the service enables users to hold online video chats in a talk show foremated. >>> a monstrous typhoon has killed 74 people in the philippines and the deattoll is expected to rise. 23 of the people drowned in flooding caused by the typhoon. the storm made landfall yesterday and some 60,000 people have fled to emergency shelters. the crowded shelters in this new video. the t
to bring in a man who says president obama's plan would create jobs and cut the deficit. he's democratic congressman chris van hollen, maryland, ranking member of the house budget committee. welcome to you, sir. you said today -- >> good to be with you. >> good to be with you, too. we're in the fourth quarter as we approach the fiscal cliff. if we can deliver like rg iii delivers, we'll be doing well. the question i would ask is why the hell are we in the fourth quarter? why wasn't this done in the first quarter? >> well, piers, as you know, there were a number of efforts before the election to get this done and there were major differences between the parties, and those parties became a big part of the conversation during the presidential debate. the president could not have been clearer that he wanted to do two things. he wanted to boost economic growth by doing things like investing in our infrastructure which used to be a bipartisan idea, but also, extending middle class tax cuts and as you said, asking the wealthiest to pay a little bit more to reduce the deficit. that was part of t
, representative tim wall. putting forth the petition for the middle class tax cuts in the house. >> like that. >> stephanie: a little something for everybody this morning. here she is, jacki schechner for everybody. in the current news center. >> good morning, everybody! president obama is meeting with business leaders again today to talk about the consequences of going over the fiscal cliff. he's also claiming to call on congressional leaders to make sure we raise the debt ceiling without contention. the white house making the case that extending the bush tax cuts for the middle class is directly connected to the health of our businesses. companies need to know consumers will be able to spend and in his first post-election interview president obama again rejected the house republican counteroffer that is on the table. >> unfortunately the speaker's proposal right now is still out of balance. we're going to have to see the rates on the top 2% go up and we're not going to be able to get a deal without it. >> let's hope he st
for oneyear. then its sprang back to life as part of the extension of the bush tax cuts that president obama signed into law. you have a debate -- very few members dispute that it needs to be continued. the debate is over whether you continue it at the current level. there is an exemption level, $10 million for a couple. or at the white house would prefer a 45% rate. that is the debate right now. there's a split among democrats. the white house wants a less generous estate tax. max-leaning states like baucu baucus. host: that was the headline recently in "the wall street journal," showing the senators. at its highest, was that was the estate tax? how many people did the estate tax affect? guest: we are talking tens of thousands. right now it affects 3000 the estates. the exemption level is set high historical novel. it has come down significantly. big argument from conservatives is it hits small businesses and farms. the number a hits is a small fraction. host: if nothing happens, what happens to the estate tax? guest: then it goes back to the levels of an exemption of $1 million. host: and
for this the american people voted for. this barack obama made no campaign promises that he would cut spending, none. he didn't say he would reign in government, none. yet the american people said you know what? that's okay with us. you keep spending, you keep getting it up there and we will take our chances. do you think most americans understand this? >> not at all. and i think it's pretty easy to win elections when you give away candy that you borrow from the chinese. and i think the reason republicans lost is they didn't make the case. they didn't make the case sustainable. >> bill: what we did tonight mitt romney never did. he had made the economic case that we are making here tonight that, listen, all the cash, all of your 401(k)'s. all of your equities, all of your bonds, it's all gonna evaporate unless you stop the madness in washington. you can't have a president in four years borrow as much money as george washington through w. borrowed combined. it's impossible. it's crazy. you can't have it. if mitt romney had done that he might have won but he wouldn't or couldn't do it. last word. >> you k
that the boehner rule, i. efrmgts any extension of the debt limit must be matched by matching spending cuts the norm from now on. seems president obama does not want to play that game as he said. walking away from the press conference today withes the gop leadership on capitol hill, a x alex, they're still engaging in the trench warfare. i asked speaker boehner about the $250,000 bush tax cuts, all the polling shows the country will think republicans are to blame if we go over the fiscal cliff, six out of ten voters in november said the tax rates should go up, how much longer can he afford to politically keep this pledge and he said look, you heard it there, the rates when we close the revenues, loopholes will go up on the rich people. that still is the mindset. what's interesting, is talking to republicans leaving the house conference gop conference this morning, there is a lot of support for speaker boehner. there aren't cracks like there were during the debt limit where he had a faction that was lining up against him wholeheartedly. even after yesterday we heard all the stuff of fallout
the end of this year, taxes will go up for everybody and some massive spending cuts will kick in. president obama has rejected the latest profile bit republicans because it does not include a -- proposal by the republicans because it does not include a tax hike on the wealthy americans offering instead to close some tax loopholes, danielle nottingham with the latest from capitol hill. >> reporter: house members left the capitol in the middle of the fiscal fight not due back until next week, but house speaker john boehner is staying behind ready to sit down with the president. >> we can't sit here and negotiate with ourselves. >> reporter: president obama is rejecting the republican proposal because it does not raise taxes on households making over $250,000 a year. the gop is offering to close tax loopholes and limit deductions instead. >> revenues we're putting on the table will come from, guess who, the rich. >> reporter: house republicans say if bush era tax cuts aren't extended for everyone, it will hurt the economy and they invited small business owners here to capitol hil
that fiscal cliff... of tax hikes and spending cuts gets triggered, negotiations still appear to be at a standstill, president obama told bloomberg news, the latest plan put forth by house speaker john boehner, simply does not add up. republicans have been equally dismissive of the last proposal from the president. tax rates on the wealthy remain the key sticking point between both sides. after a white house meeting tuesday, a bi- partisan group of governors expressed hope that an agreement will be reached soon. experts forecast economic turmoil in january, if a deal is not reached. >> john boehner took a break from the negotiations to help light of the christmas tree. eagle scout, from colorado springs helped out and there is. the crowd in cheers and the u.s. air force played " a christmas tree " and other holiday classics. this is a spruce tree from call rental white river national forest. it has 10,000 lights, ornaments and will be let in each night until the day after christmas. >> we are going to take a look at the golden gate bridge. dry roadways. the bulk of the
in washington president obama is meeting with washington to discuss the fiscal cliff. the automatic government spending cuts that will kick in. republicans and the white house sent to have finally found some common ground both sides agreeing that tax revenue and reductions in entitlement spending for programs like medicare are key elements of this bill. republicans may be softening on raising taxes for the wealthy americans. the white house may be bending on accepting greater spending cuts for medicare and possibly raising the medicare retirement age 65 age from 65 to 67. >> thank you mark. we will take a quick break the time is 6:38. we are following the weather. we have quite a bit of rain coming down quite a bit in the bay area especially in the east bay. george is following a hot spot in interstate 80, a backup sonically basically from berkeley up to the cartoonist bridge. george will let us know why and what is going (male announcer): live from the bay area this is the kron 4 morning news. kron 4 news starts now. >> thanks for watching kron fours bay area news channel. here are the top st
officers of leading u.s. companies. later in the day president obama will address a conference of native american tribal leaders. both groom groups say they are concerned about automatic tax increases and spending cuts that will kick in come january 1st if congress doesn't act. both republicans and democrats say -- with the wars in iraq and afghanistan ending, there is support for cutting back on military spending. but many lawmakers want to avoid the automatic across the board cuts and defense budget that will kick in january 1st if congress doesn't act. they would prefer to make strategic cuts. >>> nudist are planning a city against san francisco. against-- planning a protest against city hall. they had to cover half a dozen nudist. the board voted 6-5 for final approval of a ban on public nudity. >> there is no evidence anywhere in science or any kind of research any legitimate research that nudity harms anybody. >> it's a very narrow piece of legislation having to do with our limited public spaces and public transportation. >> mayor ed lee is expected to sign the ordnance that will t
owners with us today are here to highlight president obama's demand to raise tax rates instead of cutting spending. his plan will hurt nearly 1 million small businesses around our country. that will affect hundreds of thousands of jobs. >> reporter: and guys, there are republicans here on capitol hill who are urging the speaker to cut a deal with the president. i talked to one of the earliest republicans to say, you know what, let's take a the president up on his offer to extend the bush tax cuts for everybody under $250,000 and at least take that uncertainty off the table and then continue to negotiate the rest to have later. some of the republicans are now coalessing around that view that they should give into what the president is suggesting, at least temporarily, and continue to negotiate on the rest because there's a lot of political pain here for republicans if we do get to the point where we go over the cliff because of those higher tax rate pateryers, guys. >> all right, eamon. thank you. >> the talk continues, but none of it face to face. be sure to catch a live interview with on
announces major layoffs, cutting 11,000 jobs. is this a sign of things to come in corporate america? >> tom: i'm tom hudson. president obama tries to win over top business leaders, warning republicans are holding the global economy hostage over the fiscal cliff.
: president obama met with ceos head of the looming deadline for tax cuts and spending cuts. david: a fiscal deal could be reached in a week. rich edson with the latest. it was an off the record meeting. this is a meeting that affects all of us. speak of the business roundtable says all the meetings are off the table and they have the initial remarks live and available to the press. in that the president did say we could settle this issue in a week if republicans relent on their position for taxes. offering $800 billion in tax revenue, coming from only closing loopholes and seductions, no to a tax rate increase for the president says it is making $250,000 or more, tax rates are going up. >> we will not raise them just out of spite, but rather because the need to raise a certain amount of revenue. >> the president doesn't agree with our proposal and our outline, think he has an obligation to send one to the congress. and a plan that could pass both chambers of commerce. if you look at the plans the white house has talked about thus far, they couldn't pass either house of the congress. >> high
. >> stephanie: what it does, it brings the senate past middle class tax cuts which president obama said he will sign immediately to the house. >> what we could do, if we get the 218 signatures, we'll need some help from what i would consider to be moderate to pragmatic republicans, it would be on christmas eve. we could have it done. it takes seven days after we get her done. we could do it christmas eve. president said they would sign it. what i think is stephanie it changes the entire debate on this. it gets away from this -- we crafted this deadline and it is an artificial deadline we crafted but it is serious. it is ludicrous. the people don't understand it. like in any other, they do these oversimplifications of the kitchen table budgeting. well if you use their analogy on that, when you can't decide on something, pick the things out you can. this is an easy one. republicans say they want it. they'll vote for it. i can find no reason why you wouldn't do it. >> stephanie: representative, obviously there's -- separate
vapor ware. claims that they will close loopholes. they won't say what. claims they will cut spending but they don't say how. the republican plan is actually just a smoke screen. there's nothing real there. the obama plan is a very good, very sensible plan. which as we know as very little chance of taking place in its current form. at least it's a real plan. we know what it is he's proposing to do. >> ifill: among the critics of his plan are those who say that it doesn't do anything or speak at all to the economy of entitlement reform or at least cutting the costs of entitlement. >> that's a very weird thing. it does, in fact, actually cut a substantial amount from medicare spending. it actually... of course, the affordable care act, obama care, does a lot to curb the long-run growth of medicare costs. there's actually a lot in there. he's actually done more to bring down the cost curve for medicare than anyone has ever done before. but in washington that is considered not serious if he's not actually taking been anies away from people who need them. it's a really weird they can. you
. it's 3412. s-3412. if the house passes it, president obama said that he would sign it tomorrow. that would extend the tax cuts for the middle class. that means the middle class can go out and do christmas shopping and buy thing for their families because they would know that their tacks are not going up. it's being held hostage by the house of representatives. that would be the best thing that we can do right now. >> now, if they, in fact, allow the tax cut across the board and then come back in, i understand that some are saying that it's better to have no deal than to have a bad deal. where do you stand on that, senator harkin. >> better noç deal than a bad deal. >> what do you mean by that? >> to make the elderly pay more on their deductibles or co-pays and to mess around with cost of living adjustment on social security, that's a bad deal. that shouldn't even be part of the discussion. if that's where they are headed, i say no deal. we'll discuss that later on. the most important thing right now is just to have the house pass the tax cut for the middle class. that would b
. >> pentagon and other federal agencies are beginning the process for preparing for deep spending cuts. with 27 days to go fiscal friday worked. >> we can't negotiate with ourselves. >> house republican leaders called for a sit-down with president obama and blasted him for turning down their deal. >> he put an offer on if table and he has rejected it. where are the specifics? where are the discussions? >> the president pointed the finger right back. >> nobody wants to get this done more than me. >> telling business leaders that if they use the fiscal cliff to wage a deal they have another thing coming. >> it is a bad strategy for america and it is not a gamely play. >> the stalemate comes as both parties remain at odds on whether to raise taxes on the welty and how deep to cut entitlement programs like social security and medicare. >> just because we're at a stalemate doesn't mean we won't get to a deal. >> they explain that grand standing is part of the play book. >> they will use every day between christmas and new years to push back and forth to have each side air their grievances. >> lawmak
, chairman of their budget committee, the attack he leveled to president obama for quote -- unquote -- cutting $700 billion out of medicare when, in fact, what the president did is get savings from people who were cheaters, the providers who were ripping off medicare and who put it back into medicare and extended the life of the program by eight years. these same people that ran ads against democrats -- maybe they did it to you. i don't know. all across the country, democrats voted to cut medicare. these same people who were crying these bitter tears are now suggesting destroying medicare as we know it. i can't believe it. i really can't believe it. who do you fight for? that's the basic question. why are you here? who do you fight for? do you fight for the middle class? i believe we do on our side of the aisle. i believe president obama does. and i believe if you look at the tax package that came over from speaker boehner and all of the cuts to medicare -- by the way -- and, madam president, you were a leader in protecting children. there are cuts who child nutrition in there, majo
-the-board tax hikes and budget cuts will automatically take effect. house speaker john boehner offered a republican proposal this week. but president obama quickly dismissed it because it includes no tax increase for the wealthiest americans. >> the speaker's proposal right now is still out of balance. >> there's only one person out of 307 million americans who can sign something into law. that's the president. >> a "washington post" poll shows 53% of americans will blame republicans if the nation goes over the so-called "fiscal cliff." 29% would hold the president responsible. >>> shares of pandora media fell nearly 20% in after-hours trading on a disurge asking outlook for their current quarter. the oakland-based internet radio company says it expects to lose between 6 and 9 cents a share in the 4th quarter. they reported 3rd quarter profits tripled to $2 million. that worked out to a penny a share and apparently not enough. >>> "star wars" franchise is officially gone to disneyland. federal regulators have cleared disney's $4 billion purchase. lucasfilm. filmmaker empire behind the
. so what do we do? we start, melissa, because over the last decade evious to president obama, we have spent like, we are running water. two ws and bush tax cuts. melissa: we afree on that. >> bush tax cuts. melissa: we have spent way too . this plan doesn't basically entitlement spending. we don't get our snding, with any ofthese three plans. even going over the cliff we don't get the spendin in order. i will giv you the last word. th we go on. >> the issue with the republicans they're losing is. they're losing the argument, the debate, they're losing everythi. what we need to do is, to respond to the question, what do we do now in three weeks? let's go aheadand give 98% of the american people a tax t. none of us are ignoring the viability and importance of looking at entitlement reform as it relates to savings getting rid of waste fraud and abuse and other aspects. i will not tolerate increase in eligibility or raising the age but what republicans are doing is, they are putting theissue taxes and theye not telling the american people that the enlightment reform and tax reform is ane
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